National Telescope national telescope newspaper
By Taiwo Niyi
Central Bank of Nigeria (CBN) Governor Olayemi Cardoso discussed the transformative potential of the African Continental Free Trade Agreement (AfCFTA), describing it as a catalyst for a new economic era in Africa.
He emphasised the need for increased intra-African trade, noting that it currently accounts for only 13% of the continent’s total trade, compared to 60% in Europe and 40% in North America.
Cardoso stressed the importance of effective policy-making, including decisions on currency convertibility, cross-border transactions, and financial policies, to ensure the success of the AfCFTA.
He therefore called for collaborative research and development to support industries and enhance economic wealth across Africa.
Youthful Population as an Economic Asset
Wale Edun, the Finance Minister and Coordinating Minister of the Economy, urged African leaders to leverage the continent’s youthful population to boost economic growth.
He called for increased intra-African trade and a unified voice among nations to drive transformative development and growth.
WTO Director-General Advocates for Trade Reforms
Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO), stressed the crucial role of trade in Africa’s development.
She advocated for removing tariffs and non-tariff barriers and highlighted the importance of re-globalization.
Okonjo-Iweala urged the African Caucus to serve as a bridge between global financial institutions and African governments to foster economic growth.
